This increase stems from recent declines in mortgage rates, which neared the 7% mark on Friday at HousingWire's Mortgage Rates Center. As a result, homebuilders and developers are more confident that rates will continue to decline in the next six months, causing an uptick in housing starts and permits.
We're worried about construction labor, Mohtashami said. Multifamily permits are near recession lows and single-family permits have been falling, so you want to keep an eye on single-family permits when the housing starts data comes out and see if the decline in the last few months has settled down any.
Price growth should slow down in the second half of 2024, and homebuyers will have more choices if rates cool down. If mortgage rates go down toward 6% or lower, we're going to have many more choices for Americans, Mohtashami said.
Despite the inventory growth, Mohtashami said that affordable housing is still somewhat of a myth in America. Mortgage rates and home prices would...
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